You’re a young couple that has recently decided it’s time to stop renting from one careless landlord after another. You’re ready to buy your first home in Atlanta, but there are few hurdles you’re going to have to jump if you want to be able to purchase the perfect little fixer-upper.
You know that getting approved for a bank loan can be difficult, but what happens if you and your fiancee have less than perfect credit?
Will the bank look past your credit scores and provide the loan you need on good faith? It’s unlikely.
In fact, 32 percent of applicants are denied their mortgage loan requests due to less-than-stellar credit scores. If the bank denied you, you can always turn to hard money loans in Atlanta.
In this article, we’ll walk you through what a hard money loan is and show you how you can get one.
What Is a Hard Money Loan, Anyway?
A hard money loan is a private loan that’s secured using real estate property, as opposed to your financial history or credit score.
These private lenders provide loans based on the value of a property instead of the factors mentioned above, making them much easier to obtain and close.
The process is typically complete in a matter of days rather than weeks.
How Much Do Hard Money Loans Really Cost?
In short, hard money loans are expensive.
Because they are short-term loans, the interest rates on hard money loans are often higher than traditional loans. Interest rates can be anywhere from 7 percent to as much as 15 percent.
The biggest risk of hard money loans, though, is the fact that they can cost you your new home if you aren’t able to repay the loan.
These are several things you’ll want to consider before applying for any hard money loans in Atlanta.
How Do I Find Hard Money Lenders in Atlanta, GA?
In order to borrow the money you need, you’ll have to make connections with investors.
For a start, turn to friends and relatives in your area to see if they have an idea of who might lend money based on collateral. If no one in your network knows someone, you can reach out to local real estate agents and ask them too.
If you’ve networked your noggin off and still haven’t found any names, then it’s time to turn to Google. But remember, be careful in your research and don’t believe everything you read on the internet.
Be sure to research potential lenders as much as possible to develop a full picture of them.
Once you have some names, you can reach out to a few different companies or lenders to discuss your needs.
Get Hard Money Loans in Atlanta Today
If you need hard money loans in Atlanta, Hard Money Georgia can help you.
You can apply through our website in a matter of minutes!
Once we receive your information, we’ll get back to you with our proposal the very same day.
Now, go get started in that application!